#10 yearschallenge of Serbian economy: Where were we in 2009, and where are we now (TABLE)

The 10yearschallenge's planetary popular Internet challenge, in which social network users publish their current photos and those of ten years ago, served as an inspiration, so we decided to explore how our country's economy looked like a decade ago and what it looks like today. 

Serbia is the only one from the region to sign a memorandum with the World Economic Forum (PHOTO)

Faculty of Economics professor Ljubodrag Savic explains that in 2009 our country looked pretty bad.

- Then it was not known which indicator was worse. It was the first year of the economic crisis in Serbia. Then there was a GDP drop of 3.1 percent, according to official statistics, while some estimated that the decline was twice as high. If we take that before that the growth rate was about 5.9 percent, it was a serious decline. In particular, industrial production fell by 12.3 percent, Savic explains.

In 2009, exports were reduced, unemployment started to rise, the public debt situation was bad, and the factories devastated. 

Foto: Telegraf

- Serbia was in the epicenter of the World Economic Crisis, and the assessments of some ministers claimed that the crisis won't hit Serbia, but that it will be our chance - said Savic.

And ten years before? 

- Today, growth is largely based on the arrival of foreign investors. This has recovered the GDP growth rate, increased exports, reduced unemployment - Savic said.

Although the debt was at the lowest lever prior to the crisis, the Serbian finances had a major crisis in 2014, and the savings measures had a lot of effects and the situation was fixed and it was stable.

- We started accomplishing the growth rates from the pre-crisis period, but it was still raw. However, we have economic growth, inflation has been low for many years now, we have a stable course, in spite of five or six extreme years - concludes Savic.

(Telegraf.co.uk / Gorica Avalic - g.avalic@telegraf.rs)